Posted on 05/21/2016 8:14:11 AM PDT by george76
Department of Justice officials diverted millions of dollars slated for victims of the 2008 housing meltdown to politically favored third parties, including “left-wing radical groups,” according to the chairman of a House of Representatives oversight subcommittee.
Rep. Sean Duffy : a Wisconsin Republican and chairman of the House Financial Services
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a $500 million “slush fund” that could be steered toward favored groups.
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If you’re diverting money away from victims and sending it to third-party activist groups, you have victims who are being harmed not just once, but a second time.
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Many of us in Congress were alarmed when we found out about the bank settlements and the fact that money was not just going to victims and to the Treasury but there was a setup for settlement dollars to go to third-party groups.
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questions the legality of the diversion of settlement funds to activists groups but has been repeatedly rebuffed by officials at the Department of Housing and Urban Development and the Justice Department. Duffy also believes the diversions are illegal and unconstitutional.
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Among the political activist groups favored favored by the settlements is La Raza, the nation’s largest Hispanic activist organization that routinely supports Democratic candidates and causes. Cecilia Munoz, a La Raza senior vice president, was appointed by Obama in 2012 to head the White House Domestic Policy Council.
La Raza is flush with money, reporting in 2013 to the IRS assets of $55 million. Janet Murguia, the group’s president and CEO was paid $417,000 that year, according to the group’s IRS tax return. Even so, La Raza is slated to receive at least $1 million from the Bank of America settlement and $500,000 from the Citigroup settlement.
(Excerpt) Read more at dailycaller.com ...
Yes, US citizens are being forced to pay for the invasion and colonization of our country by our “representatives” of both parties.
Barack Hussein Obama is a saboteur, an arsonist bent on burning down a nation that took centuries to build. With the inferno raging and less than a year left for him to complete the destruction, he is still lighting more fires. Barack the Destroyer.
HUD needs to be abolished.
The people at DOJ who diverted funds need to be fired. Prosecuted if possible.
ADD THIS MUST-DO WHEN TRUMP GETS INTO THE OVAL OFFICE:
Soon as they occupied the WH, Obama and the kingpins of Chicago politics (a) took control of the US Census; (b) Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury (oversees the IRS).
PAUSE TO REFLECT First-term Obama had tight control of Treasury; Obama calculatedly placed his then-COS Rahm Emanuel in a dual role.......in the WH and at Treasury. Obama had a stranglehold on Treasury via COS Rahm Emanuel's dual role Read on.
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THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move.
When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09
More here: http://online.wsj.com/article/SB124113406528875137.html
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EXCERPT---FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST
The price tag for the Wall Street bailout is popularly put at $700 billion—---the actual size of TARP--the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside untraceable money to bail out financial firms and inject money into the markets.
To get a sense of the size of the real $14 trillion bailout, see MJ chart at web site. A guide to the pieces of the puzzle includes massive untraceable Treasury Department bailout programs.
Money Market Mutual Fund: In September 2008, the Treasury controlled by Obama/Emanuel announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury controlled by Obama/Emanuel made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.
Government-sponsored enterprise (GSE) stock purchase: The Treasury controlled by Obama/Emanuel bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."
GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury controlled by Obama/Emanuel may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion.
---SNIP---
LONG READ---go to web site to read more and checkout the shocking financial charts.
SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout
Obama's 2013 speech on the US economy spelled out the beginning of the end for federally-controlled mortgage buyers Fannie Mae and Freddie Mac.
“We’ll work with both parties to turn the page on Fannie and Freddie, and build a housing finance system that’s rock-solid for future generations,” Obama said, according to a copy of his prepared remarks
The House Financial Services Committee approved a bill on Tuesday that would get rid of the firms in five years, to be replaced by a National Mortgage Market Utility to help securitize mortgages.(Excerpt) Read more at blogs.marketwatch.com
ADDENDUM---what Obama left out of his remarks Wall Street Journal report on page A15---article entitled “Treasury’s Fannie Mae Heist“.
WSJ: The Federal government is seizing the substantial profits of the government-chartered mortgage firms, Fannie Mae and Freddie Mac, taking for itself the property and potential gains of private investors the government induced to help prop up these companies. This conduct is intolerable.” A scathing article follows--a must read.
There is no surprise when the corrupt democrats in Washington lie, cheat, steal and loot at every opportunity.
This is normal conduct for democrats but Obama has injected a level of corruption and illegal behavior thet democrats before him only dreamed about.
The big surprise would be if these scoundrels let an opportunity to lie, cheat, steal and loot slip by without engaging yn their usual immoral, unethical unconstitutional and illegal behavior.
Many of us in Congress must be only one’s that didn’t get in on the lick backs.
Donald should also ask his banking pals what they think about the WH half-caste and his cronies inflicting these extortionate penalties on banks.
The details:
Obama and Congressional Democrats----with a huge assist from then-AG Eric Holder----have given NeighborWorks America (formerly ACORN) and La Raza a huge funding source of tax dollars to achieve Obama's dream of a permanent Democrat majority.
Obama/Holder/Dems are forcing taxpayers via DOJ litigation WRT bank settlements----into paying off these nefarious organizations.
DOJ went after CitiCorp and ordered them to pay $50 million to La Raza and NeighborWorks America as part of the settlement.
Another clause in the agreement makes it possible for La Raza and NeighborWorks America to rake in even larger amounts of money.
Of the remaining money the banks needed to pay in settlements, the banks were able to contribute additional money to La Raza and NeighborWorks America. For every dollar they contribute, it reduces their debt to the government by 2 dollars. That’s some mighty powerful incentive to give generously.
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House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and House Financial Services Chairman Jeb Hensarling have questioned why this money was sent to the ACORN clone and the blood-thirsty LaRaza----rather than to the alleged victims of the bank’s crime. The administration of course declined to answer.
Here's part of the Congressmen's letter to Holder: “It seems that the alleged victims are not the primary beneficiaries of these multi-billion dollar settlements. Instead, the terms in the Justice Department’s two latest settlements look less like consumer relief and more like a scheme to funnel money to politically favored special interest groups.”
“This makes donations to activist groups far more attractive to banks than providing direct relief to injured consumers. As a result, the settlements appear to serve as a vehicle for funding activist groups rather than as a means of securing relief for consumers actually harmed.”
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So now, with tons of money to fix the presidential election, the largest and most successful voter fraud campaign may alter the course of the elections not to mention the future of the United States.
NO WONDER HILLARY KEEPS SMILING.
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Obama bullied bank to pay racial settlement without proof: report
NY Post ^ | 2/7/2016 | Paul Sperry / FR Posted by DCdude
Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a racial justice campaign that's looking more like a massive government extortion and shakedown operation
Obama's Consumer Financial Protection Bureau has reached more than $220 million in settlements with several auto lenders since the agency launched its anti- discrimination crusade against the industry in 2013. Several other banks are under active investigation. That's despite the fact that the CFPB had no actual complaints of racial discrimination--- it was all just based on half-baked statistics.
A 23-page internal report detailing CFPB's strategy for going after lenders shows why these companies are forking over millions of dollars in restitution and fines to the government despite denying any wrongdoing.
CFPB applied the screws to Ally, saying it had statistical evidence showing its participating dealers were œmarking up loan prices for blacks and Hispanics vs. whites (by an average of $3 a month). Ally fought back, insisting non-discriminatory factors, such as credit history, down payments, trade-ins, promotions and rate- shopping, explained differences in loan pricing. After conducting a preliminary regression analysis, the bank found these factors alone accounted for at least 70 percent of the “racial disparities†the government was claiming.
CFPB admits in the memo that it never considered these or other legitimate business aspects of the car deals it investigated
Also in its initial rebuttal, Ally complained CFPB's entire case was based on disparate impact statistics, not actual complaints by consumers, and that those estimates relied on guesswork about the race of the borrowers. (The auto industry does not report borrower race, so CFPB tried to ID race by last name and ZIP code, a so-called proxy method that is wildly inaccurate.)
(Excerpt) Read more at nypost.com ......
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Here's another example of the lawlessness of the Obama Administration. Watch what happens when a Republican president tries to fire all these social justice morons embedded in our govt, plotting and planning to bring down the capitalist system to suit their goofy goals.
Washington DC is corrupt - this administration, congress, supreme court and judges liberals all corrupt.
Yes, Romney was bad. But he would have been nothing like this additional 4 year reign of terror.
This is so the community organizers can lobby for lower standards for minorities to buy houses, then when the loans aren’t repaid, they cry racism, the taxpayers and the banks are ordered to pay up. Rinse, repeat.
Yes, Romney was bad. But he would have been nothing like this additional 4 year reign of terror.
Follow the money, explains why La Raza is so powerful with politicians and why the supporters of open borders and illegals have dug in their heels. Explains why we have not been able to get the border secure and deport illegals no matter who is President.
The money going to La Raza needs to help pay for the wall!!
We not only are harmed by so much of what our politicians do, we have to pay for it!
This is going to be a big fight, but we have to win it in order to take back our country!
Vote Trump!!
I certainly hope that the very best forensic accountants are already signed on to Trump’s new administration.
Cleaning house in Washington is going to take more than a trainload of boxcars full of Pine Sol.
“”Many of us in Congress were alarmed when we found out about the bank settlements and the fact that money was not just going to victims and to the Treasury but there was a setup for settlement dollars to go to third-party groups.””
There isn’t ANYONE in Congress who can put a halt to the stonewalling of this matter by the thieves in DC? Is there anyone linked to this administration who hasn’t had their hand in the till? Congress hasn’t been able to do anything except hold meetings and tell us years later just what happened? This is beyond sickening. Someone, somewhere along the line assured everyone this would be allowed, ignored and swept under the rug if it rose to the surface. Stall and delay and Congress sits on their hands. Pull the funding from the agencies involved. Do something, for crying out loud!
President Trump needs to declare La Raza a terrorist organization and dismantle it and throw the saboteurs in jail.
Why would this surprise anyone? The whole point to overpricing any government program, particularly in the obama years with its multi-trillion payoffs, is to make it too difficult to audit the funds so that plenty flows back to the source (Read: Obama).
If he and the Mooch with the two zip code butt aren’t billionaires by now, they need more years in office.
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